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Dec 4, 2012
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see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to year. i can make $80,000 one year, and i can make $60,000 the next, and the next 45. i cannot process what the amt will be. looking at the last return here, made $60,000 and had an amt of $1700, a piggy back. talk about this because i don't consider making $80,000 as a single person and paying 13% of the social security out of and all my other cuts to be a lot of money. >> guest: no, i don't disagree with you at all. the amt is not what you would have designed as a tax -- a way to compute your federal income tax. it is the combination of a reform that was end acted after the need fo
see the deduction for state income taxes being a tax expendture. when i paid tax to the district of columbia, that is the cost, my cost, of earning that income, and it should be deductible i believe in computing me federal tax income little. it's not deductible. >> host: diane in new hampshire, go ahead. >> guest: good morning. >> host: morning. >> caller: fascinated to hear about the tax. it kills me every year. i'm a small business owner, and my income changes year to...
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Dec 5, 2012
12/12
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tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe $80,000.1 year, $60,000 for next year. the next or i may make 45. every year i cannot possibly determine what the amt is going to be. a second mls return here. i made $60,000 i had amt $1700, a piggyback. could you please talk about this because i don't consider making $80,000 as a single person in pain or 10% of my social security and all other costs to be a lot of money. >> host: i don't disagree with you at all. the amt is not what you would have deliberately designed as a way to compute your federal income tax. it is the com
tax liability. , in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that, in computing my federal income tax liability. it's not that >> host: here is diane and linda burrough, new hampshire. democratic caller, go ahead. >> caller: good morning. i'm fascinated to hear about the alternative minimum tax. it kills me every year. i am a small-business owner and the income fluctuates year-to-year. i could make maybe...
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Dec 4, 2012
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to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in an odd page document -- 70 odd pages at the podium last week, he was presented with a super committee appropriation. the deficit reduction has long been his position and it has been explicitly his position. we talked about it in the aftermath of the election. he did not suggest that he somehow added to his proposal -- >> what i am saying is that we didn't campaign on limiting the deductions for wealthier americans or limiting charity deductions for wealthier americans. those are not items that we talked about on the campaign trail
to provide tax cuts on those. when it comes to balance, the president believes it is the right thing and it's the only mathematically sound way to achieve balance in the deficit reduction package and the point i've been trying to make is that he was very clear about this. but it should not be a surprise to republican leaders. >> this officer that the president made to house republicans, he is questioning more than that. repeatedly during the year about his proposal, he has been trying in...
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Nov 29, 2012
11/12
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tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept such a deal if that's what's going on in the secret negotiations. president obama campaigned on tax increases just on the wealthy, just on raising their rates, just only $800 billion in tax increases. but now the white house is demanding $1.6 trillion in tax increases. don't the american people have a right to see where those taxes fall, who this will impact and how much they are? shouldn't the president lay out his plan? the president of the united states, the only person who represents everybody in the country, will that remain a secret? will it just be revealed to us
tax and spend, not taxes to reduce deficits. taxes to fund new spending. that's why the budget, it puts us on track to have $25 trillion in total debt at the end of ten years, another almost $10 trillion in debt headed to the current debt level. so insofar as i can see, that tax-and-spend policy remains his goal today. the white house isn't planning to raise taxes to reduce the deficit, raise taxes under their plan to expand government. and that's not -- i don't believe congress will accept...
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Nov 29, 2012
11/12
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the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are very difficult to reduce or eliminate, but it would be the right thing to do for our economy. i do think we have seen some signs of developing bipartisan consensus on this issue, and i'm hopeful that we will see the same movement for pro growth individual tax reform because reforming the entire code is critical to regaining competitiveness, spurring growth and producing the revenues we need to pay for important public priorities. the smart way to raise revenue then is not through tax rate hikes that threaten to shrink our economy but rather thoughts u tax reform designed to help grow the economy.
the solution is tax reform that broadens the tax base by scaling back tax preferences and cutting the corporate rate. we could cut it to 25%, scale back the deductions, the credits, the exemptions and have a competitive territorial system and have it all be revenue neutral. there is such a proposal that has been scored by the joint committee on taxation here in congress. we know we can do it. we're not saying it's easy. some of these preferences of course on these loopholes are ones that are...
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Dec 5, 2012
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should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across the country, voters made very clear that they strongly supported the idea that the wealthy should pay higher tax rates and their fair share. and everyone -- democrat, republican, independent, wealthy, low income, middle class, students, workers, retirees, older, younger and inbetween -- everyone, everyone supports extending the tax cuts for the middle class. nobody thinks that the taxes should go up for 98% of our workers and 97% of our small business owners. so, mr. president, this ought to be easy. the american people just weighed in supporting a continuation of the bush tax cuts f
should the middle-class tax cuts be extended? should the bush tax cuts on the rich end? should we end the medicare guarantee for our seniors and the next generation? well, those big questions were discussed, argued and clear positions were taken, and voters went to polling places on election day to render their verdict. and, mr. president, the outcome was clear. candidates who stood up for the middle class won. candidates who advocated for our seniors came out ahead. and in exit polls across...
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Dec 4, 2012
12/12
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the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98% of families and 97% of small businesses from painful tax increases by asking the top 2% to pay a little bit more. the republicans' plan, on the other hand, is more of the same. not only does 2 balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to social security and medicare, all to pay for even more handouts to the rich. at least we now know where they stand. republicans have sought to cover by invok invoking erskine bowle' name. he has disavowed their plan. we're glad to see the republicans join in the negotiating process. while their proposal
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98%...
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Dec 5, 2012
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on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did which competed against other bids across the uk. he's also right to say that we are helping the northern islands energy sector with decisions on the carbon price which i detest a semi-statement to announce but are in the book. am glad he acknowledges those. any more broadly what i would say to him is northern ireland will benefit, the rest of uk will benefit when we help people and work hard and want to get on with doing that with personal allowance, when we help people who are small businesses with fuel duty, we're doing all these things making sure they are outlined to the northern ireland's. >> with i
on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did...
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Dec 6, 2012
12/12
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tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the i.r.s. to delay the tax filing season by ten weeks or more for millions of americans. in fact, we are at the 11th hour. i should amend my comments to make that point very clear. this need for the i.r.s. to delay the tax filing season is because the bill extends many provisions that expired at the end of 2011. they need to be extended for 2012 before people file their tax returns beginning in january of 2013. after congress acts, if it acts, the i.r.s. needs weeks to finalize tax forms and instruction books and t
tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the...
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Dec 6, 2012
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cuts get extended, the upper-income tax cuts go up. otherwise we don't get a deal and next year we come back in the thinking is the republicans will have more leverage because there will be another book on the debt ceiling will try to extract more concessions. i have to just tell you, that is a bad strategy for america. it's a bad strategy for businesses and it is not a game i will play. most of you are involved in discussions and watch the catastrophe that happen in august of 2011. everybody here is concerned about uncertainty. there's no uncertainty uncertainty that the prospect that the united states of america, the largest economy holds the worlds reserve current e. potentially default, do we give a basic notion that united states stands behind its obligations. we can't afford to go there again. this is just my opinion and the opinion of most of the books in my room. when i hear some on the other side suggesting to resolve the possibility of the perpetual court quarterly debt ceiling increases, the prices paid by the american peopl
cuts get extended, the upper-income tax cuts go up. otherwise we don't get a deal and next year we come back in the thinking is the republicans will have more leverage because there will be another book on the debt ceiling will try to extract more concessions. i have to just tell you, that is a bad strategy for america. it's a bad strategy for businesses and it is not a game i will play. most of you are involved in discussions and watch the catastrophe that happen in august of 2011. everybody...
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Nov 30, 2012
11/12
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it seems that the new taxes are to fund new spending. but we don't have the numbers. i'm going to be asking them, let's see the numbers, i'm the ranking member on the budget committee, i want to see how much new spending they've got and how much new taxes they've got. and finally let me make a -- and if it's like what we've been seeing, it has a lot of flimflam. budget projection that was voted down 100%, not a single vote, his budget that he sent out earlier this year, increased taxes $1.8 trillion but increased spending $1.4 trillion. so it didn't pay down the debt. i hope the president will look the american people in the eye and tell them we are on an unsustainable course. i'm not -- i've not heard him say that. why won't he say that? his own debt commissioner erskine bowles said we're facing the most predictable crisis in our nation's history. why won't the president say we can't continue on this path and we've got to change? why won't he say we've got to tighten our belt across government? that's -- so this is one of the problems we have at the end of the year.
it seems that the new taxes are to fund new spending. but we don't have the numbers. i'm going to be asking them, let's see the numbers, i'm the ranking member on the budget committee, i want to see how much new spending they've got and how much new taxes they've got. and finally let me make a -- and if it's like what we've been seeing, it has a lot of flimflam. budget projection that was voted down 100%, not a single vote, his budget that he sent out earlier this year, increased taxes $1.8...
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Nov 30, 2012
11/12
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bush in the breaking his taxes pledge in order to get a deal with house and senate democrats. as amihai and paul pos mur the director of the administration program at george mason university and i want to welcome you to the session which we are calling looking back to move forward the 1990 budget summit revisited co-sponsored by george mason university and the bipartisan policy center. it's our pleasure to put this on and recognize with all the frenzy about the fiscal cliff that we have a history and some of that history is successful in resolving the deep seated choices within the budgeting. that is what we are going to look back and talk about today and see whether we can learn any lessons from that experience. we will go over the detailed program and a few minutes but i want first to introduce our keynote speaker tom davis many of you know and most of you know tom. thomas somebody i call a academic. he's covered many bases and was the county executive for fairfax county. he was the representative to washington from fairfax to the congress and became the chairman of the hous
bush in the breaking his taxes pledge in order to get a deal with house and senate democrats. as amihai and paul pos mur the director of the administration program at george mason university and i want to welcome you to the session which we are calling looking back to move forward the 1990 budget summit revisited co-sponsored by george mason university and the bipartisan policy center. it's our pleasure to put this on and recognize with all the frenzy about the fiscal cliff that we have a...
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Nov 29, 2012
11/12
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moreover, as part of the middle-class tax relief act of 2012, congress expanded the scope of funding from the relocation fund to include the costs of planning for relocation. i am confident that the pentagon and the larger federal government can more efficiently manage its spectrum holdings and make available additional spectrum to create jobs. i hope we can work this out and have it included as part of the defense authorization bill. i certainly believe it's an amendment that's important with regard to the issue that i mentioned and that is the reallocation, relocation of spectrum in this country to allow for multiple uses, obviously important private and commercial uses out there and enormous demand, that demand is is adding significantly to our economy and creating jobs for literally thousands and millions of americans. madam president, with that i yield the floor. the presiding officer: the clerk will call the roll. the presiding officer: the clerk will call the roll. quorum call: the presiding officer: the senator from michigan. mr. levin: i ask further proceedings on the quorum
moreover, as part of the middle-class tax relief act of 2012, congress expanded the scope of funding from the relocation fund to include the costs of planning for relocation. i am confident that the pentagon and the larger federal government can more efficiently manage its spectrum holdings and make available additional spectrum to create jobs. i hope we can work this out and have it included as part of the defense authorization bill. i certainly believe it's an amendment that's important with...